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Revenue Management

What Is RevPAR?

2024-06-04T21:53:57+02:00

Revenue per available room, or RevPAR as it is usually shortened, is a KPI used within the hotel industry to assess financial and business performance. As a metric, it concerns both room revenue and occupancy rate, which makes it an important indicator of a hotel's overall performance and a valuable component of a revenue management strategy. What Does RevPAR Stand

What Is RevPAR?2024-06-04T21:53:57+02:00

Is it Realistic to Focus on Profitability over Revenue?

2024-02-27T16:21:41+01:00

Question for Our Revenue Management Expert Panel: Is it realistic to focus on profitability over revenue? How should revenue management teams manage stakeholder expectations? Where might challenges arise? (Question by Diego Fernandez Perez De Ponga)  Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel

Is it Realistic to Focus on Profitability over Revenue?2024-02-27T16:21:41+01:00

8 Tips to Improve OTA Conversion Rates

2024-02-26T17:26:47+01:00

In the highly competitive world of online hospitality, mastering the art of OTA listings is not just an advantage—it's a necessity. With most travelers making their accommodation decisions based on OTA rankings and reviews, understanding how to climb these ranks and convert interest into bookings is the key to success. Your OTA listing can distinguish between a filled room and

8 Tips to Improve OTA Conversion Rates2024-02-26T17:26:47+01:00

Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel

2024-04-10T16:59:43+02:00

The hospitality sector has long underestimated the influence of short-term rental accommodation on their operations, viewing it as a specialized lodging type that wouldn't impact conventional hotel reservations. However, the swift expansion of short-term rentals, spearheaded by organizations like Airbnb and VRBO, has made an undeniable mark on the hotel industry. The Importance of Short-Term Rental Bookings There's a growing

Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel2024-04-10T16:59:43+02:00

Guest Expectations in 2024: 8 Trends You Should Be Aware of

2024-02-26T17:27:28+01:00

As time passes and technology keeps evolving, we enter into a new era of guest expectations. It's no longer enough to simply meet their needs, and the challenge now lies in exceeding them. In this dynamic landscape, where every guest is an insightful traveler armed with high expectations, how can you ensure your property fulfills those expectations and stands out?

Guest Expectations in 2024: 8 Trends You Should Be Aware of2024-02-26T17:27:28+01:00

What Does EBITDA Stand for?

2024-06-04T21:07:07+02:00

Earnings before interest, taxes, depreciation, amortization, or EBITDA for short, is a KPI becoming increasingly prevalent in hotel management. Sometimes referred to as operating cash flow, the metric can be used to determine the operational profitability of a business, taking into account only its key daily running costs. Table of Contents: What Is EBITDA? Why Is EBITDA Important? What Is

What Does EBITDA Stand for?2024-06-04T21:07:07+02:00

What Is TRevPar?

2024-06-04T21:49:45+02:00

Total revenue per available room, or TRevPAR, is a KPI used by those within the hotel industry to assess business results. It is concerned with the total revenue generated from rooms and space available. As a result, it can play an important role in a revenue management strategy and provide a useful snapshot of overall performance. What Does TRevPAR Stand

What Is TRevPar?2024-06-04T21:49:45+02:00

Hotel STAR Report: Clear Introduction for Hoteliers

2024-03-22T10:44:55+01:00

Hotel STAR Report The Hotel STAR Report is a critical performance benchmarking tool in the hospitality industry, providing detailed revenue and occupancy data compared to competitors. It is important because it helps hoteliers make informed pricing, marketing, and operational decisions by understanding their market position and identifying trends. Ultimately, it aims to boost profitability and market share. Key Takeaways The

Hotel STAR Report: Clear Introduction for Hoteliers2024-03-22T10:44:55+01:00

What is Yield Management?

2024-06-04T21:57:50+02:00

Yield management is a pricing strategy commonly utilized by businesses in hospitality, air travel, and other tourism-related fields to generate maximum revenue from perishable inventory (e.g., hotel rooms or airline seats). Here, we answer the question 'What is yield management?' and explain why it is useful for hospitality hotel owners and others. Defining Yield Management In simple terms, yield management

What is Yield Management?2024-06-04T21:57:50+02:00

What does GOPPAR stand for?

2024-06-04T21:55:52+02:00

A key performance indicator, or KPI, is a quantifiable business performance measurement. KPIs are essential for implementing a successful revenue management strategy, as it allows businesses to identify areas of success and failure, as well as trends related to demand and customer behavior. GOPPAR is one of the most important KPIs hotels use for revenue management. This article explains what

What does GOPPAR stand for?2024-06-04T21:55:52+02:00

9 Forecasting Tips to Improve Your Revenue Management Strategy

2024-06-04T21:55:23+02:00

Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips

9 Forecasting Tips to Improve Your Revenue Management Strategy2024-06-04T21:55:23+02:00

How Do You Take Your Hotel’s Data Game to the Next Level?

2024-02-12T11:52:53+01:00

So, you are interested in hospitality data? In the current world of hospitality, data has become the cornerstone of strategic and tactical decision-making. This article explores how data and data tools can help transform operations across the hotel, improve communication and efficiency, and drive revenue and profit growth. Uncover the first steps to integrating analytics into your hotel's day-to-day for

How Do You Take Your Hotel’s Data Game to the Next Level?2024-02-12T11:52:53+01:00

The Importance of Benchmarking in Hotel Management

2024-02-12T11:57:51+01:00

In the dynamic world of hotel management, every day is different. It can feel difficult to find the time to take stock of your property's performance, which can be a problem in such a competitive industry where staying ahead of the game is crucial. When navigating the industry's complexities, benchmarking is the unsung hero for hoteliers. Let's dive into the

The Importance of Benchmarking in Hotel Management2024-02-12T11:57:51+01:00

Key Features to Evaluate in a Booking Engine to Maximize Revenue

2024-02-12T11:58:08+01:00

As the hospitality sector undergoes swift transformations, prioritizing convenience and tailored experiences for all travelers, the pivotal role played by Internet Booking Engines (IBEs) becomes undeniably vital. These digital tools have revolutionized hotels' operations, helping them achieve the dual goals of maximizing occupancy and revenue. 11 Most Important Booking Engine Features The hotel's success heavily relies on its online presence

Key Features to Evaluate in a Booking Engine to Maximize Revenue2024-02-12T11:58:08+01:00

Potential Impact of ChatGPT and other LLMs on the Booking Process

2024-02-01T22:11:40+01:00

Question for Our Revenue Management Expert Panel: How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management? (Question by Massimiliano Terzulli) Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Oleksii Kapichin -

Potential Impact of ChatGPT and other LLMs on the Booking Process2024-02-01T22:11:40+01:00

How Does Hotel Overbooking Impact Your Revenue?

2024-01-28T17:37:27+01:00

Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons

How Does Hotel Overbooking Impact Your Revenue?2024-01-28T17:37:27+01:00

Supercharge Your Hotel’s Revenue Using Strategic Pricing

2024-01-28T17:37:48+01:00

In the hospitality industry, strategic revenue management allows hotels to achieve consistent profitability, no matter how the market changes. In revenue management, your goal is to fill rooms and maximize profitability on each booking in peak and off-peak seasons. Strategic Pricing to Increase Your Hotel's Revenue This article will teach you proven tactics to supercharge your revenue using strategic revenue

Supercharge Your Hotel’s Revenue Using Strategic Pricing2024-01-28T17:37:48+01:00

Uncovering the Importance of Pickup and Pace in Revenue Management

2024-04-10T17:00:13+02:00

As a revenue manager, one of your essential daily inquiries is, "What was yesterday's pickup?" It's a question that sets the tone for your day and helps you make informed decisions about selling the right room, to the right guest, at the right time, at the right price. Setting the correct room price is undoubtedly the cornerstone of revenue management,

Uncovering the Importance of Pickup and Pace in Revenue Management2024-04-10T17:00:13+02:00
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